Bitcoin is back over $30,000. One analyst says don’t expect a V-shaped recovery.
A prominent backer of TerraUSD says criticism of crypto should be refuted, not dismissed, and added that Terra should have moved more slowly because it would have been safer. He called the UST crash Terra’s DAO moment. In other words, the blockchain had a bad hair day? The LUNA failure is also being compared to the Lehman Brothers collapse in 2008 as founder Do Kwon’s wife seeks emergency security protection. If you lost a lot of money on LUNA and UST, CoinDesk columnist David Z. Morris wants to be your counselor. The LUNA/UST fiasco will impact individuals psychologically to the extent those individuals were convinced Terra was leading them to heaven. If you thought UST was the best stablecoin ever, you need counseling. That is, you should have your head examined. I’m not saying that to be mean. I hope you’ll take a step back and re-evaluate why you’re interested in crypto. Look at the facts, not the emotion.
Celsius pulled half a billion dollars out of the Anchor Protocol in the midst of the LUNA chaos. While this didn’t cause the panic, it likely contributed to it.
While everyone was looking at LUNA, Tether lost its peg. There was a run on USDT Wednesday night. Tether’s CTO says they were ready for it. What effect will the Tether de-pegging have on the overall market? The bright side: Tether has regained its peg. I bet we’ll have the first stablecoin regulation on the table by the end of the year.
Popular artist Beeple and 63-year-old musical artist Madonna have partnered to turn the Queen of Pop’s aging woman parts into an NFT. Beeple is doing some weird things to the aging singer’s birth canal using 3-dimensional computer scans. Just as shocking, TV personality Piers Morgan is curious if rock legend Johnny Rotten, former lead singer of the Sex Pistols, is bidding on Madonna’s delta. The singer responded that he’s seen the real thing. Wow! What more do you need to see after capturing an in-person view of Madonna’s Amazon? Is it strange of me to wonder if Beeple himself got a preview before making butterflies emerge from her cocoon? We live in odd times.
California investors sue Coinbase over a stablecoin called GYEN after losing money. GYEN was supposedly pegged to the Japanese yen.
Polkadot and Ethereum are two routes to a successful Web3 internet. (AN AWESOME READ)
FTX founder Sam Bankman-Fried bought shares in Robinhood causing a rebound in HOOD.
Is the tech bubble bursting? If so, more to come. Mark Cuban says the internet went through a similar lull as the recent crypto crash about a decade after the World Wide Web launched. It’s not that big a deal, really. Cuban is absolutely right. Every market needs a shakeup to weed out the bad apples, investments that never should have been made in the first place. Whatever toppled LUNA did so for a reason. We should be thanking the forces at work for killing the weeds. As many proclaim doom-and-gloom scenarios for the near future, keep in mind that markets—and the economy—move in cycles. Learn to move with them.
Last September, El Salvador made bitcoin legal tender. The recent crash that saw BTC lose $36 million of its value in less than a week is now giving the country a headache. Buried in debt, what will happen to El Salvador now?
The European Union is considering a ban on crypto firms operating from known tax havens, such as Panama and the Cayman Islands. Meanwhile, the European Central Bank considers a digital euro despite widespread opposition.
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Are NFT’s the new path to generational wealth? Well, in any case, Starbucks wants to serve you a hot cup of NFT.
If Web3 is decentralized, why does it rely on Web2 infrastructure? I would argue it’s for the same reason that Web2 properties rely on Web1 infrastructure. You can’t build a skyscraper without starting at ground zero.
Metaverse-as-a-service will be the basis of Web3, says CoinTelegraph. Metaverse marketing is ready for takeoff.
Neal Stephenson, who authored the original Metaverse, has purchased his first NFT.
Are community-led cryptocurrencies the way of the future?
What you need to know about crypto savings accounts.
Chile’s central bank is considering a CBDC.
Mock trading can help first-time crypto investors master the art.
Cheech and Chong’s geriatric dreams have not gone up in smoke. The aging comedic dopers are launching their own brand of ganja-based NFTs called My Homies. Sounds like a cartoon for children of dopehead parents. “Don’t watch the Smurfs. Watch My Homies!”
As always, snark and commentary in italics.
Cryptocracy is a decentralized newsletter published 4 times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto.
First published at Cryptocracy. Not to be construed as financial advice.
Lead image credit: DAZED
